U9 TEMPLATE QUESTIONS: 8.2 A business issued a 30-day, 7% note for $36,000 to a creditor on
Question:
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U9 TEMPLATE QUESTIONS:
8.2
A business issued a 30-day, 7% note for $36,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest.
8.5
Fungus Audio Works Inc. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $680,000 for January. In February, a customer received warranty repairs requiring $4,200 of parts.
a.Determine the warranty liability at January 31, the end of the first month of the current year.
b.What accounts are decreased for the warranty work provided in February?
8.11
According to a summary of the payroll of Apline Publishing Co., $460,000 was subject to the 7.5% FICA tax. Also, $39,000 was subject to state and federal unemployment taxes.
a.Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%.
b.Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
U10 template questions:
8.17
On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.
a.Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.
b.What is the total amount invested (total paid-in capital) by all stockholders as of May 31?
8.22
The dates of importance in connection with a cash dividend declared and paid of $55,350 on a corporation's common stock are February 6, March 9, and April 8. Illustrate the effects on the accounts and financial statements for each date.
THE TEMPLATE FOR UNIT 9 AND 10 IS ATTACHED PLEASER ANSWER QUESTIONS ON TEMPLATE.
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